Form 4: Old National Bancorp Executive Acquires Phantom Stock Under Deferred Compensation Plan

James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, acquired 43 shares of phantom stock under the company's Executive Deferred Compensation Plan.

Summary

• James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, acquired 43 shares of phantom stock on November 25, 2024.
• The phantom stock was acquired under the Old National Bancorp Executive Deferred Compensation Plan.
• These shares represent Old National Bancorp common stock on a 1-for-1 basis.
• The phantom stock is payable in cash upon distribution to Mr. Sandgren according to the terms of the plan.
• Following the transaction, Mr. Sandgren directly owns 27,069 shares of Old National Bancorp common stock.

Sentiment

Score: 7

Explanation: The document reflects a routine executive compensation transaction, which is generally viewed positively as it aligns management with company performance. There are no indications of any negative issues.

Positives

• The acquisition of phantom stock by a key executive demonstrates alignment with the company's long-term performance.
• The deferred compensation plan incentivizes executives to contribute to the company's success.

Industry Context

Executive compensation through deferred plans and phantom stock is a common practice in the financial services industry to align management interests with shareholder value.

Comparison to Industry Standards

• Deferred compensation plans are a standard practice among publicly traded financial institutions like Old National Bancorp.
• Many banks, such as Fifth Third Bancorp and Huntington Bancshares, use similar methods to incentivize their executives.
• The use of phantom stock is a common way to provide equity-based compensation without issuing actual shares, similar to practices at other regional banks.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns executive interests with company performance.
• The transaction has no direct impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

phantom stock, deferred compensation, executive compensation, Old National Bancorp, ONB, insider transaction, Form 4